- BTC crypto price increased 13% from the $56572.00 decisional point of interest (POI) in the last five days.
- Moving averages show a strong bullish signal in the current trading phase.
- The trading volume has reached $17.89 billion during the 24-hour session.
Launched in January 2009, Bitcoin (BTC) is an open-source, decentralized blockchain that doesn’t need any introduction. It is the first and most popular cryptocurrency in the world.
Cryptocurrency is primarily created with the goal of allowing online payment transactions from one party to another without the need for the traditional financial system. The platform uses a SHA-256 algorithm to secure its network transactions.
Bitcoin Crypto May 2024, Performance, Supply Changes & Valuation
With a market worth of $1.26 trillion, the BTC placed itself amongst the most dominant cryptocurrencies across the globe. It ranks number 1 out of 9,856 active cryptocurrencies in the world.
The maximum supply for the crypto is capped at 21 million, which is the last limit that has been programmed.
Bitcoin is outperforming the global cryptocurrency market, which is up 0.70%. Compared to its peers, the BTC price increased 2.50% in the last 7 days.
The community behind this crypto is 84% bullish today. 19.69 million BTC coins are currently circulating in the market. The total diluted valuation of crypto is estimated at around $1.35 trillion.
Price to Volume & Social Dominance Analysis
Early this year, the upsurge in tweets about Bitcoin has increased by over 35% in the crypto world. However, that rise didn’t get much attention from the traders. Conversely, a noticeable change in social sentiments can be seen in the chart after Feb 3, 2024.
The change positively impacted the trading volume and price. In recent sessions, social dominance seems to be rising, currently covering 24.42% across the globe.
Technical Analysis of the Bitcoin (BTC/USD)
The long-term bullish outlook lies above the key exponential moving averages. The current price rebounded the 50-day EMA, indicating the continuation of the bullish trend.
BTC price has been experiencing a bullish correction phase from the $73780.00 resistance level. The price reflected an almost 23% decline to the $56572.00 decisional POI.
At present, the BTC price has given a breakout from the trendline forming above. If the price breaks above the $67351.00 level, it may be seen rising toward the $73780.00 resistance level.
Furthermore, the Relative strength index (RSI) has shown a strong bullish momentum in the current phase. The RSI and the SMA lines had a golden crossover, which indicates a potential shift in bullish strength.
Summary
The Bitcoin (BTC) crypto price has been facing a bullish correction period since March 14, 2024. Crypto has recorded an almost 23% decline since then. The current BTC price is trading at $64297.00, breaking above a trendline that has been forming since April 8, 2024.
Regarding the price action analysis, if the price breaks above the $67351.00 level, it may be seen rising toward the $73780.00 resistance level.
Technical Levels
- Resistance Levels: $67351.00 and $73780.00
- Support Levels: $56572.00 and $52948.00
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.